G8 expected to boost Northern Ireland economy

Businesses in Northern Ireland are expecting a £40 million boost from the G8 Summit being held in County Fermanagh next month, research carried out by the Northern Ireland Centre for Economic Policy (NICEP) has found.

In addition to the short term benefits, longer term growth to the regional economy with boosts for tourism, exports and foreign investment are also expected.

Leaders from the eight wealthiest nations, including US president Barack Obama, Prime Minister David Cameron and German chancellor Angela Merkel, are to meet at the Enniskillen G8 Summit in June.

"It is rightly seen as a fantastic opportunity to showcase Northern Ireland in a positive light to a global audience," said Adrian Doran, head of corporate banking for Barclays Northern Ireland who commissioned the survey.

Around 84 per cent of the businesses surveyed welcomed the G8 and two thirds believed it will have a positive or very positive effect on the economy.

Other key figures from the research include:

  • Businesses in the hospitality and tourism sector are most optimistic about the Summit (73 per cent)
  • Support for the event from the professional services (69 per cent) and manufacturing (58 per cent) sectors is also strong
  • An anticipated demand for 35,000 to 45,000 nights of accommodation in Northern Ireland, generating upwards of an estimated £5.5 million
  • Estimated £70 million advertising space in the immediate-term, and £500 million in the long term.

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